932 SW Richmond Cir SW · Palm Bay, FL 32908

$339,990

4 bd · 2.0 ba · 2,104 sqft · Land · 46 Days on market

Built 2026 6,098 sqft lot $123/mo HOA · 5% of rent ↓ 5% since listing

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Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +7.5/15.0
• Cash flow +7.2/30.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• Rent growth +2.8/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

The KING model has 4 bedrooms, 2 baths and 2 car garage. At the front of the home, you'll find a versatile bedroom that can easily be transformed into a den or office to suit your needs. The living room and dining area seamlessly flow together, creating a great sense of openness. Continuing into the kitchen, you'll be delighted by the abundance of counter space and cabinets. The kitchen also features a convenient breakfast bar, perfect for casual dining or socializing. Other bedrooms are situated on one side of the home, providing a dedicated space for rest and relaxation. The owner suite, located at the back of the home, boasts a spacious walk-in closet and an inviting bathroom. The laundr

Key facts

• Quartz countertops
• Walk-in closet
• Laundry room

Tags

• BREAKFAST BAR
• WALK-IN CLOSET
• LAUNDRY ROOM
• TILE MAIN AREAS
• QUARTZ COUNTERTOPS
• GARAGE DOOR OPENER

Property features AI

Finance

• Other: Pets allowed
• Financial info: Association fee reported annually
• HOA & community: Part of an association (Richmond Cove); Annual association fee; Association amenities include pickleball; Association fee includes internet

Exterior

• Parking: 2-car garage
• Security: No specific security features listed
• Utilities: Cable available; Electricity connected; Water connected; Sewer connected (public and private sewer indicated)
• Home design: Single family residence; Faces north; New construction
• Construction: Block construction; Shingle roof; Building area approximately 2,707 total; living area listed as 2,104
• Exterior features: Covered rear porch; Sprinklers in front and rear; Asphalt road access

Interior

• Kitchen: Dishwasher; Electric range; Microwave
• Bedrooms: 4 bedrooms (all on main level); Bedroom sizes include 12 x 13, 11 x 13, 11 x 11, and one 15 x 17 room
• Flooring: Carpet; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating (electric); Central air conditioning (electric)
• Interior features: 8 total rooms; Outdoor living area (covered rear porch)
• Laundry & utility: Unfurnished (no specific washer/dryer listed)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath land listed at $340k.

Deal economics

• At list price, monthly cash flow is $-468 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $254k (25.3% below list).
• Recommended offer: $254k (25.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#366 in FL) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, health & safety D-.
• Brevard (suburban): math 53% / reading 57% proficiency, ranked #19 of 73 in FL (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Westside Elementary School (math 51% / reading 58%, grade C, #892 of 2,144 statewide, top 44%, 798 students, 52% FRL); Southwest Middle School (math 40% / reading 39%, grade F, #373 of 571 statewide, top 66%, 920 students, 58% FRL); Bayside High School (math 27% / reading 40%, grade F, #400 of 667 statewide, top 61%, 1,854 students, 51% FRL).
• Zoned-school proficiency averages 42% at this address vs 55% district-wide (-12 pts) — the specific schools serving this property underperform the Brevard average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+1.3%/yr); 1020 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 4,602 units permitted in Brevard County in 2024 (702 in 5+ unit buildings).
• This rent runs 38% of the median local income ($80k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Brevard County population projected at +15% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($330k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 99% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $253,807 (25.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 4.64%
• Cash-on-cash: -5.89%
• DSCR: 0.74
• GRM: 11.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.29% rent growth · sell at horizon

5-year hold

• IRR: -28.4%
• Equity multiple: 0.06×
• Total profit: $-89,050
• Equity at exit: $50,694

10-year hold

• IRR: -36.3%
• Equity multiple: -0.39×
• Total profit: $-132,446
• Equity at exit: $29,396

Cash invested: $95,197 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Florida: 87 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

3-day pay-or-quit; preempts local rent control; landlord-friendly statutes. Court speed varies by county.

Methodology + full state rankings →

ZIP-level market 32908

• Home prices YoY: -10.4%
• Rents YoY: 1.3%
• Active inventory: 1020
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,538 high
• Mortgage (P&I): −$1,783
• Tax est. 1.5%: −$425 /mo · $5,100/yr
• Insurance: −$142
• HOA: −$123
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $-468

Break-even live

Break-even rent $3,130

Max offer price $272,339

Occupancy floor —

Sensitivity live

Price	-10% $-233	-5% $-350	+0% $-468	+5% $-585	+10% $-702
Rent	-10% $-668	-5% $-568	+0% $-468	+5% $-367	+10% $-267
Rate	-1.0pp $-296	-0.5pp $-381	base $-468	+0.5pp $-556	+1.0pp $-645

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $84,998
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
844 Corbin Cir SW Palm Bay, FL	4.0	2.0	2118	$2,500	$1.18	24d	1	0.12mi
1043 Corbin Cir SW Palm Bay, FL	4.0	2.5	2548	$2,600	$1.02	24d	1	0.15mi
1897 Gould Ave SW Palm Bay, FL	4.0	2.0	1555	$1,850	$1.19	24d	1	0.61mi
439 Gancedo St SW Palm Bay, FL	4.0	2.0	1830	$2,200	$1.20	24d	1	0.73mi
2008 Olympia Ave SW Palm Bay, FL	4.0	2.0	1828	$2,500	$1.37	24d	1	0.78mi
1733 La Maderia Dr SW Palm Bay, FL	3.0	2.0	1865	$2,195	$1.18	22d	1	0.80mi
356 Garbelmann St SW Palm Bay, FL	4.0	3.0	1850	$2,121	$1.15	15d	1	0.81mi
1736 La Maderia Dr SW Palm Bay, FL	3.0	2.0	1873	$2,000	$1.07	24d	1	0.83mi
1133 Hanover Ave SW Palm Bay, FL	4.0	2.0	1804	$2,250	$1.25	22d	1	0.84mi
1718 Sawgrass Dr SW Palm Bay, FL	4.0	2.5	2248	$2,400	$1.07	24d	1	0.85mi
1523 Elmhurst Cir SE Palm Bay, FL	3.0	2.0	2028	$2,325	$1.15	24d	1	0.95mi
328 Hammonton St SW Palm Bay, FL	3.0	2.0	1942	$2,500	$1.29	24d	1	0.99mi
1023 Garvey Rd SW Palm Bay, FL	4.0	2.0	1750	$2,296	$1.31	15d	1	1.03mi
1037 Garvey Rd SW Palm Bay, FL	4.0	3.0	1850	$2,516	$1.36	15d	1	1.04mi
497 Schenley St SW Palm Bay, FL	4.0	2.0	1833	$1,995	$1.09	24d	1	1.23mi

HOA detail

• Monthly dues: $123 · $1,476/yr

Listing history 4 events

1. 2026-05-08
   status Pending
2. 2026-05-05
   price $339,990
3. 2026-04-20
   price $352,990
4. 2026-03-23
   listed $358,990 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 9/10 Extreme 7 d/yr ≥106°F today · 21 d/yr by 30 yrs out
• 💨 Wind 10/10 Extreme 99% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,457
• − Mortgage interest: −$19,045
• − Property taxes: −$5,100
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,437
• − Management: −$2,437
• − HOA: −$1,476
• − Depreciation: −$9,891
• Taxable loss: −$11,627
• Est. tax savings @ 24.0%: +$2,791
• After-tax cash flow: $-2,820/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Brevard
• NCES district ID: 1200150
• Math proficiency: 53% ▼ -9.00%
• Reading proficiency: 57% ▼ -4.00%
• Median HH income: $49,426
• Composite: 46.86/100
• National rank: #2370
• State rank: #19 of 73 in FL

Livability — Palm Bay

• Score: 72/100
• State rank: #366
• US rank: #6458

Category grades

Amenities F Commute C+ Cost of living A+ Crime C+ Employment D+ Housing A+ Health & safety D- User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Palm Bay, FL
• County: Brevard County · 602,871 people
• City population: 132,211
• Metro: Palm Bay-Melbourne-Titusville, FL
• Population (ZIP): 16,535
• Household income: $79,596
• Rent vs Own: 10.2% rent · 89.8% own
• Severe rent burden: 112.0

Population outlook (Brevard County) Hauer SSP2

• Today (2025): 623,254 people
• By 2030: 648,420 · +4.0%
• By 2040: 690,009 · +10.7%
• By 2050: 715,669 · +14.8%
• By 2075: 775,744 · +24.5%
• By 2100: 776,687 · +24.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 48% Hispanic / Latino 20% Black 20% Two or more races 19%
• Hispanic origin (detail): Mexican 1% Puerto Rican 8% Cuban 6% Dominican 3%
• Common ancestry: Hispanic 3% Estonian 2% Romanian 1%
• Foreign-born: 10% · Canada, Jamaica, South Korea
• Languages at home: 87% English-only · Spanish 9% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Brevard

• 2024 margin: Strong R (+20.8) · D 39.1% · R 59.9% · Other 1.0%
• 2008→2024 swing: -10.4pp toward R · 2008: -10.4pp · 2024: -20.8pp
• All cycles: 2024: R+20.8 2020: R+16.4 2016: R+19.8 2012: R+12.7 2008: R+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -38.22%
• Current HPI: 330.0399
• Rent YoY: ▲ 1.29%
• Metro: Palm Bay-Melbourne-Titusville, FL
• State GDP YoY: ▲ 3.28%
• F500 in state: 36

Industry mix (Fortune 500 HQ in FL)

Industry	F500 HQs	Revenue
▸Industrial Technology	2	$29B
▸Insurance	2	$17B
▸Retail	1	$60B
▸Technology Distribution	1	$58B
▸Homebuilding	1	$35B
▸Technology Manufacturing	1	$35B

Price history

-5.3% since first listed

4 events — show timeline

• 2026-05-08 Pending — SCMLS
• 2026-05-05 Price Changed $339,990 SCMLS
• 2026-04-20 Price Changed $352,990 SCMLS
• 2026-03-23 Listed $358,990 SCMLS